Irish regulators have told four banks to raise 24 billion euros. The amount is actually about 3.5 billion euros less than many expected. The Irish government pledged to provide the money if banks fail to raise it themselves from a 35 billion-euro fund set up under the country’s international bailout in November, which would effectively give the government a controlling stake.

The government has already taken control of Anglo Irish Bank Corp., Allied Irish Banks Plc (AIB), EBS Building Society and Irish Nationwide Building Society. Bank of Ireland is fighting to remain outside majority State control. Irish Life and Permanent is the only institution outside NAMA and not yet in receipt of State funds, RTE reported.